Private equity firm Foresight Group has taken a significant minority investment in the Cookstown-based TES Group, a long established, manufacturer and distributor of high-performance power distribution and monitoring systems.
Founded in 1999 by Brian Taylor (chief executive) and Noel McCracken (managing director), TES provides water and power technology engineering expertise, specialising in critical infrastructure markets, and since its inception has grown rapidly, becoming recognised as one of the fastest growing companies in the UK and Ireland.
It services clients throughout the UK, Ireland, Europe and internationally from its state-of-the-art office and manufacturing facility in Cookstown and via the TES power data centre campus in Derry, which it launched in 2022 to provide over 300,000 sq ft of additional manufacturing capacity, helping it to meet increased global demand for its products and services.
Amongst TES’ major current client instructions are an eight-year framework contract that will see it deliver water and wastewater non-infrastructure projects throughout the Thames Water region; a large-scale power distribution unit project to help deliver a new 40MW data centre development in Milan; and a contract to supply the LV power distribution equipment for a new 57MW data centre in London.
With Foresight’s backing, TES is pursuing continued growth and will leverage its capabilities and expert team to win new clients.
The company currently employs 187 employees and has generated compound annual revenue growth of 27% over the last four years (its sales in 2023 rose by 7% to £43.7 million).
As part of the Foresight investment, James Peacock has been appointed as the new chair at TES, where he will oversee the strategic direction of the company and support the executive team as they seek to accelerate growth.
Brian Taylor said: “Foresight is the perfect investment partner to help propel us into the next phase of our growth journey. They recognise and support our ambitions and bring a wealth of experience to bear around catalysing the growth of innovative, technology-led, client-service focused businesses.”
Noel McCracken added: “Foresight shares our vision for revolutionising critical infrastructure through technology and innovation, and their commitment and track record of supporting ambitious companies to scale makes them the ideal partner to fuel our next chapter of growth.”
Graeme McKinstry, investment director at Foresight, said: “Not only is TES one of the fastest growing UK and Irish companies, it has also been repeatedly recognised as one of Ireland’s best managed businesses.
“As a result of its market-leading expertise and capabilities, TES has experienced a period of rapid growth and we are delighted to support the Company as it embarks on what is bound to be another impressive expansion phase.”
With offices in Belfast and Dublin, Foresight has invested around £35 million into companies across a range of sectors and transaction types.
Earlier this year, Foresight successfully exited Northern Ireland-based private hospitals group, Kingsbridge Healthcare Group, after supporting a sustained period of growth, where it increased employees to over 1,000 across 11 hospital sites.
